Universal Mortgage & Finance Rates, Fees & Info

LUTHERVILLE, MD

LEI: 549300FFPMB9B7FHNR61

Tax ID: 52-2276553

1 stars - out of 5 stars, based on 18 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Universal Mortgage & Finance is a smaller mortgage company specializing in Home Purchase and Refi loans. Universal Mortgage & Finance has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Washington, Baltimore, Virginia Beach, Reno, and California among others. Universal Mortgage & Finance has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Universal Mortgage & Finance is typically a high fee lendor.


Originations

330

Origination Dollar Volume (All Markets)

$110,920,000

Relative Rate

Universal Mortgage & Finance 's average 30 year fixed rate mortgage of loans were 3.34%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.19%.

Relative Fees

Universal Mortgage & Finance 's average total fees for a 30 year fixed rate mortgage are $9,820.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 133 $48,815,000 $367,030 $11,028 3.29%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 81 $25,855,000 $319,198 $9,558 3.23%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 31 $9,415,000 $303,710 $7,802 3.34%
RENO, NV (FHA|USDA|VA) 20 $7,130,000 $356,500 $7,177 3.31%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 10 $2,720,000 $272,000 $8,287 3.64%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $1,640,000 $410,000 $12,490 3.53%
SALISBURY, MD-DE (FHA|USDA|VA) 4 $1,160,000 $290,000 $11,747 3.25%
ROANOKE, VA (FHA|USDA|VA) 2 $1,030,000 $515,000 $7,478 3.56%
PANAMA CITY, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $9,129 4.75%
Outside of Metro Areas 6 $970,000 $161,667 $5,273 3.31%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $780,000 $390,000 $5,395 3.44%
Fernley, NV (FHA|USDA|VA) 2 $760,000 $380,000 $7,868 3.31%
WINSTON-SALEM, NC (FHA|USDA|VA) 3 $695,000 $231,667 $7,467 3.92%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $570,000 $285,000 $5,225 3.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $515,000 $515,000 $10,408 3.25%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $500,000 $250,000 $6,223 3.50%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $485,000 $485,000 $5,503 3.25%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $485,000 $485,000 $6,786 3.99%
DALTON, GA (FHA|USDA|VA) 2 $450,000 $225,000 $8,682 3.15%
RICHMOND, VA (FHA|USDA|VA) 2 $440,000 $220,000 $3,312 3.38%
Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $425,000 $425,000 $9,057 3.25%
Cambridge, MD (FHA|USDA|VA) 2 $420,000 $210,000 $10,877 3.44%
LYNCHBURG, VA (FHA|USDA|VA) 1 $415,000 $415,000 $4,667 3.38%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $415,000 $415,000 $4,061 2.75%
ASHEVILLE, NC (FHA|USDA|VA) 1 $405,000 $405,000 $0 2.59%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $395,000 $395,000 $19,917 3.75%
Jesup, GA (FHA|USDA|VA) 1 $335,000 $335,000 $19,207 3.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $315,000 $315,000 $12,073 3.63%
STAUNTON, VA (FHA|USDA|VA) 1 $315,000 $315,000 $0 2.57%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $285,000 $285,000 $5,298 2.88%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $265,000 $265,000 $7,600 4.00%
OCALA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $10,582 3.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,952 3.50%
Granbury, TX (FHA|USDA|VA) 1 $205,000 $205,000 $6,869 3.88%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $195,000 $195,000 $11,098 3.75%
DOVER, DE (FHA|USDA|VA) 1 $195,000 $195,000 $8,153 2.88%
CARSON CITY, NV (FHA|USDA|VA) 1 $185,000 $185,000 $5,892 3.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $155,000 $155,000 $5,798 3.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $85,000 $85,000 $5,506 3.99%

Universal Mortgage & Finance 's top markets include Washington, Baltimore, Virginia Beach, Reno, and California among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 182 $58,350,000 $320,604 $7,073 3.38%
FHA 106 $35,700,000 $336,792 $13,448 3.25%
VA 37 $15,405,000 $416,351 $11,411 3.18%
USDA 5 $1,465,000 $293,000 $8,713 3.13%

For the 2021 period, Universal Mortgage & Finance 's most frequently originated loan type of loans were Conventional, with 182 originations. Their 2nd most popular type is FHA, with 106 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 186 $66,170,000 $355,753 $10,761 3.36%
Refi 77 $25,045,000 $325,260 $7,442 3.13%
Cash Out Refi 66 $19,510,000 $295,606 $8,880 3.41%
Other 1 $195,000 $195,000 $0 3.25%

For the 2021, Universal Mortgage & Finance 's most frequently cited loan purpose of loans were Home Purchase, with 186 originations. The 2nd most popular reason of loans were Refi, with 77 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 305 $105,015,000 $344,311 $9,820 3.34%
15 Year 12 $2,950,000 $245,833 $5,397 2.76%
Other 7 $1,555,000 $222,143 $7,722 2.99%
20 Year 5 $1,215,000 $243,000 $8,251 3.52%
10 Year 1 $185,000 $185,000 $4,529 2.75%

For the 2021, Universal Mortgage & Finance 's most frequently cited loan length of loans were 30 Year, with 305 originations. The 2nd most popular length of loans were 15 Year, with 12 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 107 $36,235,000 $338,645
$5k+ 101 $39,985,000 $395,891
$3k-4k 77 $23,225,000 $301,623
$2k-3k 38 $10,060,000 $264,737
$<1k 1 $305,000 $305,000

$9,820 of loans were Universal Mortgage & Finance 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 107 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 215 $70,895,000 $329,744
2.5-3% 68 $24,920,000 $366,471
4-5% 24 $7,330,000 $305,417
<2.5% 23 $7,775,000 $338,043

During 2021, Universal Mortgage & Finance 's average interest rate of loans were 3.34%, while their most frequently originated rate bucket of loans were 3-4%, with 215 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 186 $54,420,000 $292,581 $8,875 3.30%
$400k-600k 79 $37,875,000 $479,430 $11,842 3.22%
$100k-200k 46 $7,520,000 $163,478 $6,041 3.50%
$600k-1MM 14 $9,820,000 $701,429 $18,476 3.26%
$100,000 or less 4 $280,000 $70,000 $5,506 3.75%
$1MM+ 1 $1,005,000 $1,005,000 $9,129 4.75%

2021 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 186 originations, totaling $54,420,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$75k-100k 85 $27,475,000 $323,235 $10,213 3.39%
$100k-150k 83 $30,895,000 $372,229 $10,478 3.34%
$50k-75k 71 $19,005,000 $267,676 $8,221 3.20%
$150k-250k 47 $19,665,000 $418,404 $10,238 3.29%
$50k or less 33 $8,475,000 $256,818 $7,682 3.20%
$250k+ 11 $5,405,000 $491,364 $9,648 3.68%

Universal Mortgage & Finance lent most frequently to those with incomes in the $75k-100k range, with 85 originations. The second most popular income band? $100k-150k, with 83 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 51 $15,965,000 $313,039 $8,062 3.22%
30-36% 47 $15,525,000 $330,319 $9,546 3.40%
50-60% 33 $12,875,000 $390,152 $14,425 3.24%
39% 16 $5,320,000 $332,500 $10,563 3.58%
49% 16 $5,640,000 $352,500 $14,376 3.17%
44% 15 $4,535,000 $302,333 $8,699 3.58%
37% 15 $4,565,000 $304,333 $9,269 3.43%
36% 14 $4,550,000 $325,000 $9,335 3.33%
<20% 14 $4,180,000 $298,571 $6,437 3.33%
48% 13 $4,115,000 $316,538 $9,079 3.37%
45% 13 $5,195,000 $399,615 $10,329 3.27%
41% 12 $4,150,000 $345,833 $9,557 3.18%
47% 12 $3,740,000 $311,667 $8,648 3.45%
43% 11 $3,735,000 $339,545 $8,152 3.34%
42% 10 $3,370,000 $337,000 $7,102 3.66%
46% 9 $2,675,000 $297,222 $9,051 3.30%
40% 9 $3,415,000 $379,444 $6,949 3.21%
38% 9 $3,625,000 $402,778 $9,198 3.17%
>60% 1 $315,000 $315,000 $0 2.57%

Universal Mortgage & Finance lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 47 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 140 $45,630,000 $325,929 $8,708 3.29%
Black 138 $45,400,000 $328,986 $10,564 3.35%
Not provided 47 $18,055,000 $384,149 $9,339 3.28%
Asian 2 $970,000 $485,000 $13,002 3.13%
Filipino 2 $560,000 $280,000 $6,353 3.63%
American Indian 1 $305,000 $305,000 $10,185 3.00%

Approval Rates

Total approvals of all applications
96.58%

Universal Mortgage & Finance has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
82.26%

Universal Mortgage & Finance has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 330 $110,920,000 $336,121

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
330 $110,920,000 $336,121

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 8 $1,660,000 $207,500 $5,008 3.30%
40-60% 23 $5,595,000 $243,261 $5,094 3.19%
60-80% 97 $32,205,000 $332,010 $8,461 3.33%
80-100% 192 $67,580,000 $351,979 $10,418 3.32%
Over 100% 8 $3,720,000 $465,000 $21,090 3.16%
Under 20% 2 $160,000 $80,000 $0 4.25%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
UNIVERSAL LENDING CORP. Conventional home mortgage Struggling to pay mortgage 1 100.0%